Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Elegant Home-Tech Co., Ltd. (603221.SS)

Company Dividend Discount ModelIndustry: Furnishings, Fixtures & AppliancesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$3.79 - $6.85$5.07
Multi-Stage$6.64 - $7.29$6.96
Blended Fair Value$6.01
Current Price$12.52
Upside-51.98%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS46.52%0.00%0.140.030.040.110.180.020.910.350.301.03
YoY Growth--430.98%-42.76%-57.28%-42.63%806.67%-97.76%161.32%15.79%-71.01%0.00%
Dividend Yield--1.48%0.22%0.57%1.15%1.56%0.12%4.87%1.86%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)65.94
(-) Cash Dividends Paid (M)51.82
(=) Cash Retained (M)14.12
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.198.244.95
Cash Retained (M)14.1214.1214.12
(-) Cash Required (M)-13.19-8.24-4.95
(=) Excess Retained (M)0.935.889.17
(/) Shares Outstanding (M)243.98243.98243.98
(=) Excess Retained per Share0.000.020.04
LTM Dividend per Share0.210.210.21
(+) Excess Retained per Share0.000.020.04
(=) Adjusted Dividend0.220.240.25
WACC / Discount Rate6.44%6.44%6.44%
Growth Rate0.70%1.70%2.70%
Fair Value$3.79$5.07$6.85
Upside / Downside-69.74%-59.53%-45.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)65.9467.0668.2069.3670.5371.7373.88
Payout Ratio78.59%80.87%83.15%85.44%87.72%90.00%92.50%
Projected Dividends (M)51.8254.2356.7159.2561.8764.5668.34

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.44%6.44%6.44%
Growth Rate0.70%1.70%2.70%
Year 1 PV (M)50.4550.9551.45
Year 2 PV (M)49.0750.0551.04
Year 3 PV (M)47.7049.1350.59
Year 4 PV (M)46.3348.1950.12
Year 5 PV (M)44.9747.2449.61
PV of Terminal Value (M)1,381.931,451.931,524.73
Equity Value (M)1,620.441,697.491,777.54
Shares Outstanding (M)243.98243.98243.98
Fair Value$6.64$6.96$7.29
Upside / Downside-46.95%-44.43%-41.81%

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